PARIS (Reuters) - Ligue 1 Monaco are investing in a brand new 'Centre for sporting excellence' featuring three football pitches, as well as a fitness and medical centre from the 2020-21 season, the Ligue 1 club said on Wednesday.

President Dmitry Rybolovlev added that the 'premium boxes' of the Louis II stadium would be renovated and a dormitory for the youth academy players would be built.

The cost of the project has been estimated at 55 million euros (£49 million).

"I am absolutely committed to making every effort to continue to take this Club forward over the long term," Rybolovlev said in a statement. "We have already invested EUR 335 million in ASM, and the Club has started to make profits, which it is now able to reinvest in further development.

"Rumours about a potential change of ownership at the Club have been repeatedly denied. I believe that the projects presented today speak best about our long-term commitment to ASM."

Monaco lie second from bottom in Ligue 1 after stretching their winless run to four games in a 1-1 draw against Nice on Wednesday.

(Reporting by Julien Pretot; Editing by Toby Davis)

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